Popular Fashion Retailer Going Out Of Business, Will Sell Brand

HOUSTON — A nationwide women's apparel and accessories brand had its bankruptcy plan approved by a judge on Tuesday.

"Francesca's" will continue its "going out of business" sale on its website and sell its intellectual property to retailer "Altar'd State" for $7 million, court records show.

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The business filed for Chapter 11 bankruptcy in February and holds more than $30 million in secured debt.

This wasn't the first time the brand filed for financial help, however.

According to court filings, Francesca's restructured under Chapter 11 after a combination of "operational challenges and the economic shutdown caused by COVID-19."

Founded in 1999, Francesca's grew to around 200 physical stores nationwide by 2010 and was sold publicly in 2011.

At its height between 2016 and 2017, the chain was made up of around 700 stores and recorded $500 million in sales.

Along with its website, the business primarily operated its boutiques within upscale malls and shopping centers.

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